LONDON-Pursuing a "global investment mandate" adopted 18 monthsago, Toronto-based real estate giant Oxford Properties Group hascommitted to co-develop a $480-million office building along theRiver Thames. Under a schedule set by original investor UBS GlobalAsset Management, the 11-story, 530,000-sf Watermark Place expectsto break ground in September and be completed by autumn 2009.

"We are delighted to have Oxford on board as developer andleaseholder," says UBS Global executive director Alex O'Connell.UBS is pursuing the deal for its South East Recovery Fund, a$1.2-billion vehicle that began focusing on UK office buildings in2004 during the depths of the London office market bust. OPG hasnow bought in by acquiring rights to a 250-year ground lease,although officials did not provide further details of theinvestment arrangement.